Reconcile or Reckless - You Decide!

Episode length: 1h 16m  |  Published: 2021-02-19

Bank reconciliation sounds mundane. In the context of dental embezzlement, it is one of the most powerful theft-prevention tools available — and one of the most commonly neglected. In this episode, Prosperident's Amber Weber, Wendy Askins, and David Harris walk through the core financial safeguards every dental practice must have in place, explaining clearly what should be done by staff, what should be outsourced, and what the practice owner must personally own.

The title captures the choice every dental practice owner makes by default: either you reconcile your accounts regularly with appropriate oversight, or you are operating recklessly — and leaving the door open for theft that may not be discovered for years.

Topics covered include:

• Why bank reconciliation is the single most important embezzlement deterrent available to practice owners
• How to reconcile practice accounts correctly and what to look for
• The frequency and format of reconciliation that provides meaningful protection
• Which financial tasks can be safely delegated to staff — and which cannot
• When and how to use outsourced bookkeeping or accounting services
• The financial oversight tasks that only the practice owner should perform
• How embezzlers exploit practices that skip or superficially perform reconciliation
• The role of your practice management software in financial oversight
• Building a monthly financial oversight routine that provides real protection in under an hour